STAMFORD, CONN., AND BETHESDA, MD.— Stockholders from Marriott International (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide (NYSE: HOT) have approved Marriott’s acquisition of Starwood. The new entity will be the world’s largest hotel company with 30 brands, approximately 5,700 hotels and 1.1 million hotel rooms.
The shareholder vote conducted at each company on April 8 passed easily with 97 percent of Marriott’s shareholders approving the transaction and 95 percent of Starwood’s shareholders approving the deal.
“There is no doubt that this transaction puts our company on the best path forward,” says Thomas Mangas, Starwood’s CEO. “We remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests.”
At closing, Starwood stockholders will receive 0.8 shares of Marriott common stock, plus $21 in cash for each share of Starwood common stock. The transaction is on target to close by the middle of this year.